Van Nuys Firm to Buy Pacoima Plastics Maker

Haben Industries, a plastics company based in Van Nuys, said it has signed a letter of intent to acquire a Pacoima manufacturer of plastic containers.

Haben said it plans to buy Custom Rotational Molding (CRM), a privately held Pacoima maker of plastics for private and military use, for about $3.5 million. Haben will finance the purchase by issuing its own restricted common stock for all of the shares outstanding of CRM.

The letter of intent was signed Dec. 7.

In a separate transaction, Haben reported that the Wyandotte Tribe of Oklahoma has agreed to buy 51% of the company’s stake in City Gas and Transmission Corp., which owns a North Carolina oil refinery. The tribe, which is recognized by the U.S. Department of Defense as a regular dealer in fuels, intends to employ the refinery in its ongoing production of jet fuel for the military, Haben President Elmer Good said.

Haben, which now owns 60% of City Gas and Transmission, hopes to buy the company’s remaining outstanding shares, Good said. Haben then intends to sell 51% of its total stock to the Wyandotte Tribe, he said.

Good said the merger, which is expected to be completed by early January, will allow Haben to better concentrate on its plastics operations, including the purchase of CRM.

In the last several months, Haben has also acquired Gyron Compounds Inc., Master Cart Inc. and Good Development Polymers. The companies design, manufacture and market polyethylene plastic products.